创业板IPO高初始收益及原因探究  

GEM IPO High Initial Returns and the Reasons for Exploring

作　　者：胡中原[1] 卓荣康[1] 郝宗宪 

机构地区：[1]中国矿业大学管理学院

出　　处：《经济与管理研究》2010年第8期112-116,共5页Research on Economics and Management

基　　金：中国矿业大学项目"大学生实践创新训练"(矿教科研2009-131号)的阶段成果

摘　　要：本文以2009年10月30日在创业板上市的28只股票为研究对象,以网上发行中签率、首日换手率、网下发行中签率、首日交易金额等作为投资者情绪的衡量变量,通过检验投资者情绪与创业板上市股票初始收益的关系,发现投资者情绪变量中只有网上发行中签率与首日初始收益高度相关。通过构建投资者情绪与首日初始收益的回归模型,进行回归分析得出在创业板上市的股票其首日初始收益主要受投资者情绪的影响,在此基础上提出关于在创业板进行投资的建议。The 28 stocks which listed on the GEM on October 30, 2009 are used as the research object with online ballot results, turnover of first day, success rate under the net, trading volume as a measure of investor sentiment varia- ble. By examining the correlation ship of the investor sentiment and initial returns, we find only online ballot results are highly correlated with the initial returns of the first day. By constructing a regression model between initial returns and in- vestor sentiments, making linear regression analysis, we find that initial returns are mainly affected by the investor senti- ments, then the recommendations of investment on the GEM are put forward on this basis.

关 键 词：创业板 投资者情绪 初始收益 网上发行中签率 

分 类 号：F832[经济管理—金融学]